Dymon secures $1bn ADIC commitment to fund expansion

Dymon Asia Capital has secured a commitment of about $1 billion from the Abu Dhabi Investment Council. The capital will be drawn in tranches to support the firm’s expansion in commodities, its London operation and offices across several Asian markets, according to people familiar with the matter.

The allocation forms part of ADIC’s plan to increase exposure to hedge funds to diversify holdings and seek stronger risk-adjusted returns. ADIC has previously committed capital to managers including ExodusPoint Capital Management and Deem Global and is considering a hedge fund portfolio of up to $15 billion, according to people familiar with the matter.

Dymon had expected to manage about $5 billion by the end of 2026 but reported assets of about $9 billion as of July 31. Its flagship Dymon Asia Multi-Strategy Investment fund has returned 7.5% so far this year despite a 6.5% loss during July’s market selloff.

Commodities are a major focus for the new funding. Dymon hired Amir Ravan from Jain Global as head of commodities and appointed Jay Radia from BlueCrest Capital Management as chief operating officer for the commodities business.

The firm is also building its London team. Manas Baveja joined from Schonfeld Strategic Advisors as a senior macro trader and will work with Bernie Ahkong, who was named head of Dymon’s London operation in May.

Dymon is recruiting across Hong Kong, South Korea and India to support a broader range of strategies and regional coverage. ADIC’s commitment is expected to be drawn down in stages as the firm allocates capital to new teams and strategies.

ADIC has stated it sees value in hedge fund strategies that offer diversification, downside protection and attractive risk-adjusted returns across different market conditions.

Dymon will use the commitment to fund its expansion after assets rose to about $9 billion, above its earlier $5 billion target for 2026.